Military Review

The real exchange rate of the ruble and import substitution

53
The real exchange rate of the ruble and import substitution



Realistic ruble exchange rate


The value of the currency of any country is objectively estimated by the resources and scale of the national economy. There are other factors, such as military power, economic and financial sovereignty or political influence, but we will put these components out of the brackets, assuming them to be neutral for simplicity.

Let's estimate the real exchange rate of the ruble.

By resources


Russia's natural resource reserves are estimated at $75 trillion. This is an analysis of the German company Statista, we will use their assessment. This amount includes, in particular, coal, oil, natural gas, gold, timber and rare earth metals.

The Russian Ministry of Natural Resources and Ecology gave an absurdly low estimate in 2019: $910 billion. 82 times less, which is approximately the current exchange rate of the ruble against the dollar. But the Russian government has always had its own interests, which, as a rule, do not coincide with the interests of the people.

US resources are estimated at 45 trillion dollars.

This means that in terms of resources alone, one US dollar should cost 0,588 rubles.

By economics


A simple, more or less adequate way to compare the size of the economies of different countries is to compare GDP at purchasing power parity.

Estimating the exchange rate of the ruble based on an estimate of gross domestic product at face value in dollars means distorting the picture, since the calculations of GDP already include the wrong exchange rate of the ruble against the dollar.

This is a vicious circle, well described in logic: one cannot prove a proposition by means of an argument that is itself proved from this proposition.

The IMF estimates that in 2023 the GDP of the United States and Russia at purchasing power parity will be $26,85 trillion and $4,99 trillion, respectively. Hence, from the ratio of the size of GDP, the conditional dollar is stronger than the conditional ruble by 5,38 times.

Adjusted for resources, one US dollar should cost 5,38 x 0,588 = 3,16 rubles.

If we examine the structure of GDP in more detail, it turns out that the real manufacturing sector in the US is only 2,2 times larger than the manufacturing sector in the Russian Federation. That is, for resources and goods produced, excluding various services, the real exchange rate would be 2,2 x 0,588 = 1,29 rubles per dollar.

Of course, in a qualitative sense, the US manufacturing sector is more technologically advanced, and a direct quantitative comparison is not completely objective.

At the same time, you need to understand that the strength of the dollar is not only in the economy and resources of the United States, but also partly in other countries that readily exchange resources and goods for American paper, or rather, for an electronic record on a monitor. However, this analysis gives a rough idea of ​​how undervalued the ruble is. The use of the gross national product instead of the domestic product does not change the overall picture.

It so happened that the Kremlin does not see the people behind the oligarchs. Even today's inadequate exchange rate of the ruble is jumping, and "respectable people" are making money on this. However, this deals a powerful blow to the longed-for import substitution.

Import substitution


As there was no systemic import substitution, there is no such thing. A few exceptions only confirm the rule. The window of opportunity opened by the president last April was closed by the government in the fall of 2022.

A month ago, the president, speaking at a manufacturing plant, said that we were being forced to engage in import substitution: "We were left with no choice." He does not even hide the fact that the authorities had no plans to replace imports and industrialize our economy. Just forced. About the same as they were forced to do agriculture by sanctions after 2014.

However, there is still no strategic plan for the development of industry, we are simply forced and rather sluggishly reacting to sanctions. The Minister of Economic Development has no education in economics and reports to the Minister of Finance. Let's be frank: this means that in Russia finance has won over development.

At a meeting in March, the President of the Russian Federation told Xi Jinping: "In recent years, China has made a tremendous leap forward in its development ... we even envy you a little."

Do not be shy to ask: did anyone bother you? Maybe it's enough to envy already and it's time to start doing?

What needs to be done for industrialization and import substitution?


• Reduce production costs, primarily (but not only) by lowering energy prices in the domestic market. This is our God-given competitive advantage, it must be used to the fullest.

Dramatically - practically to zero - reduce the profits of the commodity oligarchs, at least for the duration of program industrialization. Those who disagree should be nationalized. Domestic production must be made more profitable than foreign purchases.

• Cross-border capital controls. The profits of the oligarchs and foreign owners are flowing abroad, where they are used in the interests of hostile states, which means that they are also used by the Armed Forces of Ukraine. This money is killing our soldiers. In 2022, over $250 billion was withdrawn from Russia. Allocate lost profits to investments.

• Change the taxation system in order to industrialize and intensify high value added industries. Including:

– Change the taxation of businesses to encourage investment.

– Cancel or reduce – depending on the industry – VAT on high-tech sectors. This is necessary for the survival of the country.

– Make the opposite tax maneuver: abolish/reduce the tax on energy production and increase exports.

• To make the ruble the currency of international settlements - to conduct trade almost exclusively in rubles. So far, our efforts are aimed at strengthening the yuan, but without our help it will become a reserve currency. At the same time, do not withdraw money from the economy through a new budget rule and issue the ruble according to development needs. We can and must make the ruble the most respected currency in the world.

Any doubts? Read part 1.

Do members of the government have doubts? They have no place in government.

• Strengthen the ruble, both through economic and administrative measures, and keep the exchange rate within a reasonable range.

On the one hand, a strong ruble will make it possible to buy more equipment and technologies. This is essential at the initial stage of import substitution, a weak ruble is in the interests of the commodity oligarchs, a strong one is in the interests of industrialization.

On the other hand, it is impossible to make the ruble an investment currency when it jumps. Then our financial authorities will “scour their eyes” about what currency to tie it to, if only to continue to play in the foreign exchange market, so that everything is “like with my grandmother”. But as long as she heads the Central Bank, they have nothing to worry about.

• Increase the monetization of the economy for the needs of import substitution and industrialization in general. Talk about the fact that this will lead to inflation is a manipulation or inertia of the monetarists. Inflation is an increase in prices for goods and services, it depends not only on the amount of money in circulation, but also on the volume of goods and services and a number of other factors. If the volume of money grows at a slower pace than the volume of goods, there will be no inflation.

What exactly leads to inflation is the devaluation of the ruble, regularly carried out by our authorities in the interests of "respectable" beneficiaries. But, apparently, we do not understand: "this is another inflation." As physicists say, a different color or spin is welcome and exists periodically.

Of course, this list of measures is far from exhaustive, but it indicates the necessary vectors.

liberal alternative


The liberal Ministry of Finance has a different, anti-people approach to development: "Growth requires another big privatization."

This will lead to further concentration of property in the hands of a few, fragmentation of the state into oligarchic corporations, and deepening of the property stratification of society.

Hack and predictor Aviator


For a "colossal breakthrough" we have everything except the imperious political will. It is absolutely necessary both for powerful measures to develop the economy and for tough personnel decisions.
Author:
53 comments
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  1. Soldatov V.
    Soldatov V. 17 May 2023 04: 15
    +9
    Even in Soviet times, during perestroika, Americans came to our region and we compared the cost of our region in rubles and dollars with them. So a dollar was worth twenty kopecks!
    The most accurate definition of the ratio of the ruble to the dollar or vice versa is the cost of producing something in man-hours. This is, for example, how much they will pay for a unit of the same product to an American and Russian worker. Or they often quote the cost of a cup of coffee and a hamburger with them and with us.
    Now there are proposals for another privatization at a time when we are at war with Europe. They think not about victory, but how to grab someone else's property. Let them specifically indicate what they want to privatize.
    What plants, factories, water pumps, ports, airfields, railways, what exactly? In my opinion, this is a purely economic and political sabotage in this difficult time for the country. soldier
    And by the way, in which countries do the creators of past privatizations live?
    1. Vladimir_2U
      Vladimir_2U 17 May 2023 05: 04
      +5
      Quote: V.
      The most accurate definition of the ratio of the ruble to the dollar or vice versa is the cost of producing something in man-hours.

      In general, kW / h should become the equivalent of the price for a long time. But for banking, currency and other speculators, this is like a discharge on the testicles - they will not do this voluntarily!
    2. Uncle lee
      Uncle lee 17 May 2023 05: 54
      +3
      we have everything but the powerful political will
      And there is strength, and there is will! But there is no willpower! request
      1. Mari33
        Mari33 17 May 2023 07: 28
        +2
        Quote from Uncle Lee
        But there is no willpower!

        And I think there is, but not about our honor.
    3. Vend
      Vend 17 May 2023 10: 21
      +2
      But who will allow the ruble to become such a currency laughing I noticed a long time ago that in the world there are not stock exchanges with countries, but countries with stock exchanges. How they want and evaluate.
  2. billy bones
    billy bones 17 May 2023 04: 24
    +5
    Excellent article on a topical subject. In the last 5 years on YouTube, I periodically saw interviews with economists (Delyagin, Glazyev, Katasonov, etc.), where they evaluated the ratio of the dollar to the ruble according to various criteria. Numbers were called in the range from 20 to 40 rubles. The exchange rate established after 2014 (about 80 rubles now) was assessed as artificial, a clear understatement of the ruble.
    About VAT. In the US, for which liberals have been praying for years, VAT does not exist. Just like in Canada. The sales tax is less. In Japan, VAT is 8%.
    1. Eule
      Eule 17 May 2023 07: 42
      +2
      The author is absolutely right. But such problems remain as extortions in the Pension Fund, which reduce wages, and an objective disaster in the form of snow and cold. That is, the waste of cleaning, and heating, and so on. "The cost of winter" in the Russian Federation has not been published anywhere.
      It's difficult to deal with this... The most obvious is dozens of new nuclear power plants and extremely cheap electricity, but again, the oligarchs will not agree to this.
      Quote: billybones
      In the US, for which liberals have been praying for years, VAT does not exist.

      Not certainly in that way. This muck, which is VAT, is in a dozen states ... in which the industry has almost died down or moved to the next one.
      And who are "liberals" in your understanding? It is in yours.
      1. billy bones
        billy bones 17 May 2023 07: 48
        +4
        I will name the names: Gaidar, Chubais, Siluanov, Mau, Kasparov, Kudrin, Dvorkovich.
        1. Eule
          Eule 18 May 2023 09: 19
          0
          They are Jews. None of them fought for a free gun ownership amendment to the constitution. No one demanded a life sentence for blocking book sites.
  3. hwostatij
    hwostatij 17 May 2023 04: 52
    +8
    If we examine the structure of GDP in more detail, it turns out that the real manufacturing sector in the US is only 2,2 times larger than the manufacturing sector in the Russian Federation. That is, for resources and goods produced, excluding various services, the real exchange rate would be 2,2 x 0,588 = 1,29 rubles per dollar.

    In 2022, Russia's GDP amounted to 150 trillion. rubles. Following the logic of the author, this is more than 100 trillion. $., well, or a little more than world GDP. Where there to break in the economy after that the author was going is completely incomprehensible. In general, the level of nonsense in articles on economics at VO sometimes goes off scale
    1. Ivan staryi
      Ivan staryi 17 May 2023 06: 53
      +3
      Well, apparently it is implied that world GDP also needs to be recalculated according to the principles proposed by the author in national currencies.
      1. hwostatij
        hwostatij 17 May 2023 09: 18
        +2
        Well, apparently it is implied that world GDP also needs to be recalculated according to the principles proposed by the author in national currencies.

        Here, no matter how you recalculate, it will still turn out that our GDP is 10 times larger than the American
      2. Eule
        Eule 24 May 2023 19: 40
        0
        Quote: Ivan staryi
        world GDP also needs to be recalculated

        Calculate in physical terms. How much steel has been smelted, coal mined, private houses built, roads repaired, and so on.
        Comparing meat consumption per person is also a good idea.
        Estimating resources without taking into account the cost and meaningfulness of their extraction is generally a strange idea. There are many things in nature, which will cost more to dig out than the price of what was mined. And since these calculations are monstrously complex, and depend on hundreds of variables that are different for each country, it makes little sense.
  4. parusnik
    parusnik 17 May 2023 05: 18
    +5
    My friend, you are proposing a revolution! smile But the trouble is, while the bourgeoisie is in power, your proposals are not feasible. And it’s not harmful to dream like that.
  5. Gardamir
    Gardamir 17 May 2023 06: 06
    +14
    Let's not forget that the Kremlin is helping America fight Russia. Again increased investments in American paper.
  6. Vita vko
    Vita vko 17 May 2023 06: 16
    +5
    US resources valued at $45 trillion

    Russia's resources are estimated at $75 trillion

    What nonsense. Probably the author is not aware that the solvency and volume of foreign exchange reserves are provided exclusively by goods. And banknotes, gold and even natural resources do not play any role here. That is why while the IMF and international exchanges exist where the US dollar is the main means of payment, any speculation around the US national debt is an elementary fraud.
    It was Russia's refusal, followed by a number of other countries, to ensure the solvency of the American currency with their goods that became the main reason for the current military and political confrontation with NATO.
    1. Ivan staryi
      Ivan staryi 17 May 2023 06: 59
      +1
      Well, at the expense of nonsense, I think you went too far. Although, of course, this set of slogans can be easily opposed by the same set, but diametrically opposed.
      For example, about forcing everyone to buy goods from us for rubles: what’s the point if we don’t offer anything but resources and no one else needs rubles except us (this is in addition to the thought about exchanges).
      1. kor1vet1974
        kor1vet1974 17 May 2023 07: 48
        +1
        For example, about making everyone buy goods from us for rubles
        Yeah, they're just in a hurry to buy oil and gas for rubles. And how will you force them? Will you stop selling gas and oil?
    2. efrolov
      18 May 2023 22: 14
      0
      Vitaly, the goods on the shelf are also goods. This is how resources should be viewed. We just got used to thinking in a different paradigm.
    3. efrolov
      18 May 2023 22: 51
      0
      In order to understand the essence of the phenomenon, it must be looked at at the extreme points.
  7. Rurikovich
    Rurikovich 17 May 2023 06: 27
    +2
    For a "colossal breakthrough" we have everything except the imperious political will. It is absolutely necessary both for powerful measures to develop the economy and for tough personnel decisions.

    Yes good
  8. Dean
    Dean 17 May 2023 07: 45
    +5
    Reduce production costs, primarily (but not only) by lowering energy prices in the domestic market. This is our God-given competitive advantage, it must be used to the fullest.
    1000% - the very first step! Only now the existing government will not go for it.
  9. kor1vet1974
    kor1vet1974 17 May 2023 07: 52
    +3
    For a "colossal breakthrough" we have everything except the imperious political will. It is absolutely necessary both for powerful measures to develop the economy and for tough personnel decisions.
    And does power need political will? You want this from power, political will. Only power, it does not "hat" from the word at all. For this is not in its interests.
  10. T-100
    T-100 17 May 2023 08: 16
    +2
    Who is this article for? The author thinks there are fools sitting upstairs and do not understand what to do. They know all this very well, what and how to do so that the state develops, but their own skin is closer.
    1. efrolov
      18 May 2023 22: 47
      +1
      Well, then, you can not argue. But no work is in vain, little by little the water wears away the stone.
  11. Vladimir80
    Vladimir80 17 May 2023 08: 26
    +1
    Fixed exchange rate (as in China), currency control, withdrawal from the WTO, elements of the state plan.
  12. Soldatov V.
    Soldatov V. 17 May 2023 08: 37
    +5
    I also thought, what do we have left to privatize? Food industry, light industry, all private. Metallurgy is all privatized, coal, oil, gas too. Shipping companies too. Defense plants have been privatized. Aviation too. Agriculture is private. Medicine is almost private, paid, pharmacies are completely private. It remains probably to sell the railway in parts.
    Well, probably rewrite the population into serfs. soldier
    1. Vladimir80
      Vladimir80 17 May 2023 08: 58
      0
      It remains to privatize part of state corporations - Sberbank, VTB, Gazprom, Rosneft
      1. UA3QHP
        UA3QHP 18 May 2023 13: 33
        0
        It remains to privatize part of state corporations - Sberbank, VTB, Gazprom, Rosneft
        They are not interested in privatization. The shares of these enterprises are traded on the stock exchange and are available to everyone. So you have to pay the market price. New privatizers are not interested. Too expensive. But Russian Railways or Rosatom can be tried. There are many assets.
  13. paul3390
    paul3390 17 May 2023 09: 14
    +7
    What needs to be done for industrialization and import substitution?

    Completely change the entire upper class, and even a significant part of the middle class. For with THESE - in principle, there can be no industrialization. Not the same mentality, not the same skills..

    And even better - to go further and change the social system. Returning back Soviet power.
    1. Il'nur
      Il'nur 18 May 2023 05: 22
      0
      Completely change the entire upper class

      change the social order. Bringing back Soviet power

      Only in this way is it possible, only by replacing, expelling thieves, enemies in power and returning Soviet power, taking into account mistakes ...
      But whoever does this, Lenin and the Bolsheviks are no more ...
  14. Aleprok
    Aleprok 17 May 2023 10: 00
    +1
    I agree with the author's

    such import substitution as it is now will not lead us to anything good - we will get from one addiction to another

    we need a strong-willed desire to build our own independent economy in terms of the main indicators and decisive actions of the leadership. People will understand and appreciate. Enemies, external and internal, will interfere in every possible way
    1. Il'nur
      Il'nur 18 May 2023 05: 27
      0
      need willpower

      Only who will show this will, is it not a replaceable president or leadership? so they don’t think about the interests of the people and the state, if that were the case, then with our capabilities, Russia would be the richest country in every sense ..
  15. Maks1995
    Maks1995 17 May 2023 12: 00
    +2
    This is the list in the article "for all the good against all the bad"
    It also means a return to certain facts of the USSR - control and price reduction by the state - about which Putin clearly said: there will be no return.

    In the meantime, the reverse thought is being thrown in for testing: New Privatization. "Crawling privatization" has been going on for a long time.
    + Bastrykin threw in: "Orthodoxy, autocracy, nationality." New serfdom?
    + permission for forceful and investigative actions without a court decision. Wrote already.

    That is, in fact, the real reliance on the capitalists, with their money and property, and not on the population.

    So writing is not rewriting notes, but in real life Imperialism does not pay attention to these articles.
  16. Foul skeptic
    Foul skeptic 17 May 2023 13: 00
    0
    After reading the fabrications of the level of a seventh grader, I hope that the author has nothing to do with the financial sector.
    1. efrolov
      18 May 2023 22: 21
      0
      Little relationship other than a degree in economics. Try to think outside the monetarist (financial) paradigm. "Oh, how many different discoveries the spirit of enlightenment prepares for us."
  17. Fangaro
    Fangaro 17 May 2023 13: 59
    +1
    For a "colossal breakthrough" we have everything except the imperious political will. It is absolutely necessary both for powerful measures to develop the economy and for tough personnel decisions.

    A call for a change in government?
    Or an attempt to wake up Ilya Muromets?
  18. RMT
    RMT 17 May 2023 14: 20
    0
    "We can and must make the ruble the most respected currency in the world..."
    Is this a new slogan?
  19. bk0010
    bk0010 17 May 2023 16: 39
    +1
    What needs to be done for industrialization and import substitution?
    Find a solvent consumer for products manufactured as a result of industrialization and import substitution. If you can sell, you will have factories; if you can’t, they will die, even if they are built. Capitalism in the yard.
  20. Tikhonov_Alexander
    Tikhonov_Alexander 17 May 2023 16: 58
    +2
    I absolutely agree with the author. But, in my opinion, the probability of a turn towards a socially oriented state is vanishingly small. EBN and his accomplices, acting on the principle of "take away and divide", among their own, of course, created a colony country that encourages the robbery of the people and the export of capital abroad. Until now, little has changed - after all, the same guarantor was appointed by EBN and built centers for the veneration of the drunk. And EBN will not choose anyone as successors! And the same guarantor, instead of a progressive tax scale, is robbing the people by raising the retirement age by 5 years - because it is easier to rob the people than to withdraw at least part of the stolen money bags. It's also bad that this "elite" has a lame sense of self-preservation - it seems that the "elite" does not understand at all that in the West they will simply be ripped to the skin. But there our money bags can be expected, quite possibly, the fate of Hussein and Gaddafi ...
    I would very much like to believe that we will have significant progress for the better - but so far there are simply no grounds for such a hope ...
  21. Illanatol
    Illanatol 18 May 2023 08: 28
    0
    Quote: Vita VKO
    What nonsense. Probably the author is not aware that the solvency and volume of foreign exchange reserves are provided exclusively by goods. And banknotes, gold and even natural resources do not play any role here.


    There is simply no real link to the mass of commodities in the current currencies. It's all left in the century before last. By the way, has gold already ceased to be a commodity? Are you sure?
    In the modern world, anything is a commodity, even political decisions, not to mention natural resources.
    The US economy is approximately 20% of the world's. And the American dollar - 60% of all world money. That is, American goods and services provide only a third of the dollars.
    Well, the volume of securities that are circulating in the financial market (and sold for the same dollars) is many times greater than world GDP. What kind of merchandise is there ...
  22. Illanatol
    Illanatol 18 May 2023 08: 30
    0
    Quote: V.
    Food industry, light industry, all private. Metallurgy is all privatized, coal, oil, gas too.


    50% of GAZPROM's shares are state-owned.
  23. Illanatol
    Illanatol 18 May 2023 08: 34
    0
    Quote: Vladimir80
    It remains to privatize part of state corporations - Sberbank, VTB, Gazprom, Rosneft


    Since when did SBER become a state-owned bank? It has long been privatized and the owner is well known - German Gref. By the way, the new owner personally renamed Sberbank into SBER.
    GAZPROM - JSC, only half of the shares belongs to the state. However, given who the shareholders are... laughing
    1. UA3QHP
      UA3QHP 18 May 2023 13: 38
      0
      It has long been privatized and the owner is well known - German Gref.
      The owner of the Savings Bank is the Ministry of Finance of the Russian Federation - 50% + 1 share. Individuals own a total of 3,71%. The rest are various legal entities. So, Gref, by and large, is not the owner of the savings account. An ordinary hired worker, only a very highly paid one.
      1. Illanatol
        Illanatol 18 May 2023 14: 10
        0
        1. Not the Ministry of Finance, but the Central Bank. (50.0036%).
        2. Our Central Bank is an incomprehensible and muddy shop, not controlled by the government.
        3. Foreign legal entities own 45,64% of SBER's shares.
        4. It often happens that a "highly paid employee" is the actual owner, because he manages as he wants and there is no effective control over his activities. Well, given Gref's connections with the global financial elite, nothing surprising.
        So he is the owner and those whose interests he represents. Well, we and the Central Bank are not only really working for the interests of Russia, but rather the opposite.
        1. Zebralet
          Zebralet 18 May 2023 16: 51
          0
          Quote: Illanatol

          2. Our Central Bank is an incomprehensible and muddy shop, not controlled by the government.

          Articles on economics on VO are a separate type of humorous programs. The Central Bank must be independent, so that any populist from the authorities does not get into trouble with the key rate and money emission. If you want to see what happens when the Central Bank dances under the government, then look at what is in Turkey, what is the lira exchange rate and inflation.
          1. billy bones
            billy bones 18 May 2023 20: 58
            -1
            An independent Central Bank is one of the liberal myths that we have been told since Gaidar's times. As practice has shown, in fact the Central Bank always implements someone's policy. If not their own government, then someone else's, or financial speculators. Behind which, again, are foreign financiers. What Glazyev never ceases to talk about in his interviews.
  24. Illanatol
    Illanatol 18 May 2023 08: 40
    +1
    That is, for resources and goods produced, excluding various services, the real exchange rate would be 2,2 x 0,588 = 1,29 rubles per dollar.


    Trim the sturgeon. The real exchange rate of the ruble is about 45-50 rubles per dollar.
    And services still need to be taken into account, as well as natural (climate, vast distances) sources of inflation.
  25. Kostadinov
    Kostadinov 18 May 2023 10: 16
    0
    The liberal Ministry of Finance has a different, anti-people approach to development: "Growth requires another big privatization."

    By the way, there is propaganda of privatization in the armed forces. Only PMCs fight and the army flees.
  26. Illanatol
    Illanatol 19 May 2023 13: 48
    0
    Quote from Zebra
    The Central Bank must be independent, so that any populist from the authorities does not get into trouble with the key rate and money emission.


    Independent of whom and what? He is very dependent on the Fed.
    Therefore, he makes such "gifts" by holding gold reserves in Western banks. Either 100 billion, or 300 billion ... remained on someone else's "base". But - clearly not "populism"!

    Of course, it will begin to pursue an independent financial policy and throw off the stranglehold of the global financial oligarchy. And so - everything is under control ... no development, no economic and technological sovereignty. Everything can be strangled by cutting off oxygen (funding).
    True, when a fried cockerel begins to get close to the butt of the hegemon himself, such games begin with money emission and a key rate that others only open their eyes wide. In short, they are doing exactly the opposite of what E. Gaidar taught us.
  27. 12olegg34
    12olegg34 19 May 2023 21: 56
    0
    The real exchange rate of the ruble is not beneficial to the oligarchy and the comprador bourgeoisie. You can just compare the cost of Gcal in our country and in the West. After all, life is based on energy.
    1. agond
      agond 20 May 2023 20: 46
      -1
      The purchasing power of the ruble cannot be considered in isolation from the purchasing power of labor, the chain of money-labor-money-labor cannot be left. If the country has legalized the absurd exchange rate of labor for money 13890 rubles / per month of work or 75 rubles per hour of labor, while the exchange rate ruble for goods is not guaranteed in any way, then what can we talk about.
  28. Daniyar NAURYZ
    Daniyar NAURYZ 21 May 2023 23: 21
    0
    Last year, pro-Russian governor Tokayev ensured that the ruble was overvalued against the tenge so that Russia would have an additional source of freely convertible currency through transactions in the Kazakh foreign exchange market. The Russian Federation is waging war, sanctions have been imposed on this country, but miraculously, the tenge is falling against the ruble, as if Kazakhstan is under sanctions and is waging war. As soon as the special currency operation in Kazakhstan was completed, the ruble again rolled back to a more or less real rate against the tenge.

    The ruble is of little interest in the world as a currency. Unless the great bankers of Abkhazia, Belarus, South Ossetia, Armenia, Kazakhstan and some other superpowers buy this currency in large volumes.